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Grand Gulf Energy H2'22 Results

Grand Gulf Energy (GGE) has reported FY'22 results, ending the year with A$5.0mm in cash, down from A$6.8mm at mid-year 2022 and reporting a $1mm loss for H2'22. A$2.5mm was spent on exploration in 2022. The carrying value for the Red Helium project on the balance sheet is A$14.1mm. Its ability to continue as as going concern is dependent upon its ability to source working capital funding for future operations. On the operational side, GGE is very close to drilling Jesse-2, a rig has been mobilised and other processes for spudding are in place.

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Helium One ended 2022 with a net cash balance of US$13.7mm, providing ample cash for its upcoming drilling campaign. In H2'22, cash outflow from operations was US$1.6mm and capital expenditure US$1.5m

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